A Bill to amend The Investment Limited Partnerships Act, 1994, which governs the establishment and operation of regulated investment limited partnerships ("ILP") in Ireland, has been published with Paschal Donohue, Irish Minister for Finance, describing its publication as "an important step to maintain Ireland's place as a leader for investment funds in Europe".
The Bill is intended to modernise the law governing Irish private equity funds so as to make the ILP the vehicle of choice for implementing private equity, venture capital and real assets investment strategies in Europe. As well as modernising the ILP in line with other types of Irish investment fund vehicles, the amendments to the existing ILP regime are intended to incorporate "best in class" features for this type of vehicle.
As well as revising the existing ILP legislation, the Bill also includes provisions to extend anti-money laundering beneficial ownership requirements to both ILPs and common contractual funds as well as making some technical amendments to the ICAV Act 2015 to enhance the efficiency of the structure and align it with the Companies Act 2014 where relevant.
The Bill must now be considered by both houses of the Irish Parliament before it becomes law. We will issue further updates as this progresses.
Originally published by Dillon Eustace, September 2020
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